China in need of cultural evolution

From The Age: “Forecasters predict that China’s economy will overtake the US economy some time in the 2040s and become the world’s biggest in dollar value. On a purchasing power parity basis, China will catch up earlier.

But the trouble with these sorts of projections is that they tend to look at China’s growth rate now and then project it forward along with that for the US. The point at which they intersect is the point at which China’s economy will overtake the US economy. But as some analysts have also pointed out, a great deal is going to need to happen to the Chinese economy before it gets anywhere close to rivalling that of the US.”

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